What is the surrender period for an annuity?
Asked a year ago
The surrender period for an annuity refers to the period during which the policyholder may incur a penalty if they withdraw funds from the annuity prematurely. At Prudential, the surrender period typically ranges from five to ten years, depending on the specific annuity contract. During this period, if a policyholder withdraws more than the allowed free withdrawal amount stated in the contract, they may face surrender charges. These charges are calculated as a percentage of the amount withdrawn and gradually decrease over time until the surrender period ends. It is important for individuals to carefully consider their long-term financial goals and liquidity needs before committing to an annuity, as the surrender period ensures a commitment to the contract.
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